News

CORAOPOLIS / AP Dick’s Sporting Goods fiscal fourth-quarter performance missed Wall Street’s view as warmer-than-usual winter weather crimped the sporting goods retailer’s sales. It also provided guidance below analysts’ estimates. The stock dropped more than 5 percent this week. Many people are wondering how Dick’s will fare now that rival Sports Authority has filed for Chapter 11 bankruptcy protection. Last ...

NAIROBI / Bloomberg Kenya Airways Ltd., sub-Saharan Africa’s third-largest airline, is planning a 70 billion-shilling ($690 million) restructuring programme that includes reducing its fleet and cutting staff, Chief Executive Officer Mbuvi Ngunze said. The carrier, based in the capital, Nairobi, has been working on a turnaround plan after reporting the largest loss in Kenyan corporate history last year. The carrier plans ...

NEW YORK / AP Amazon is taking to the skies. The e-commerce powerhouse has finalised an agreement to lease 20 Boeing jets from Air Transport Services Group Inc. as it builds out its US delivery capabilities. Amazon has been investing heavily in its shipping infrastructure, adding sorting centers, which sort packages by zip code and deliver them to post offices. ...

Bloomberg Cathay Pacific Airways Ltd., Asia’s largest international airline by passengers, will soon start using Airbus Group SE’s most fuel-efficient plane as it tries to trim costs in the face of mounting competition. Cathay will receive 12 new A350 aircraft this year, with the first one due in May, Chief Executive Officer Ivan Chu said after a briefing Wednesday afternoon. ...

London / WAM Europe’s main stock markets pushed higher on Wednesday, shrugging off losses across Asia on the eve of a key meeting of the ECB as traders look for policy action from central bankers. The European Central Bank will almost certainly announce new stimulus measures at its policy meeting on Thursday, analysts said, as eurozone inflation turns negative and ...

ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued, in his capacity as Ruler of Abu Dhabi, a law amending provisions of the Law No. 1 for 2003 pertaining to the establishment of Etihad Airways Company. Under the law, the Board of Directors of Etihad Aviation Group shall also serve as the Board of ...

Bloomberg Torrential rain and electrical storms battered the UAE, shutting Abu Dhabi’s stock exchange and the city’s international airport. Schools were closed and roads across Dubai and other emirates were flooded. Wednesday’s trades at the Abu Dhabi Securities Exchange, the second-biggest in the Gulf Cooperation Council by market value, were cancelled, according to Al Arabiya TV. No one at the ...

Dubai / WAM Local developer Emaar Properties has invited selected companies to bid by March 22 for the estimated AED500m ($136m) contract to build its Opera Grand Residential Tower in Dubai. The project involves the construction of a 65-70 storey tower a four level basement, ground floor and podium with townhouses, and 56 residential floors with seven levels for services. ...

ABU DHABI / WAM Aldar Properties PJSC (Aldar), Abu Dhabi’s leading listed property development, investment and management company, has awarded an AED 318m contract for Al Jimi Mall’s refurbishment and expansion works to Pivot Construction Company. This investment is the latest component of Aldar’s recently announced AED 3 billion investment strategy. Al Jimi Mall remains a key retail asset in ...

ROTTERDAM / WAM A senior delegation, headed by Saeed Mohammed Al Tayer, MD and CEO of Dubai Electricity and Water Authority, DEWA, is visiting the Kingdom of the Netherlands, aimed at strengthening ties, exchanging expertise, and promoting particip- ation by Dutch companies in the first Dubai Solar Show, which will be held in conjunction with the 18th Water, Energy, Technology, ...